Checking on the peanut market right now on trends they say. The international market has picked up a lot with more activity than the U.S. domestic market. That comes from brokers dealing in peanuts. The international market is faced with dwindling supplies from all origins with the same problem the U.S. is having now with only coming possibly from the U.S. and possibly some from China.
Nevertheless, China continues to face struggles with the exchange rate very high and it’s high freight rates are also a problem. The U.S. should be able to move some peanuts in that area but now rains have affected the crop. Most of the area in the southeast needed some additional rain to get the crop out of the ground because it had been very dry.
But now we’re having four and five inches of rain and that is not good for peanuts up to about two inches. After that is going to be a low-pressure area forming in the Gulf again threatening the southeastern peanut crop and that will make maybe continue into next week according to forecasters. So, the peanut crops in a little delay right now.
Buying points have shut down waiting on peanuts to be delivered but it’ll take a few days for the grounds to drive so farmers can move back into the field. But we’re watching the market with no movement on the market so far.
Audio Reporting by Tyron Spearman for Southeast AgNet.